Water brokers play an important role in the water market. Brokers perform a similar function to mortgage brokers, as they investigate trading options on behalf of their clients and arrange the necessary paperwork. GST is charged on the commission that the broker is receiving but I am not getting what transfer fees should be reported on BAS? is it agreement transfer fees?
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I have a new client who has been doing her own bookkeeping as a Water Broker. She does a sales invoice to the purchaser and an RCTI to the seller. She charges gst on the commission but has the water and transfer fees as not reportable on her BAS. I am just checking if this is correct.
Thank you for any help